SPY Weekly 01/13/2023 Testing Trend
On this Weeklty SPY ETF chart (SP500 Proxy), we see the upper trendline on the bear trend (yes i made it green sorry) is being tested and spiking it again. This has repeatedly resulted in a rejection. CPI came in sorta inline which gave a little boost this week, but bank earnings disappointed when you look in the line items of the reports. This is an inflection point for markets. PE dont support these levels, so I am in the bear camp and do expect to see low 3200-3300 SPX by middle to end of 2023.
I have to add that I do find the fact this last rally started before retracing to lower trend, and now looking like a cup (maybe building a C&H?), we need to watch that as well.
I have to add that I do find the fact this last rally started before retracing to lower trend, and now looking like a cup (maybe building a C&H?), we need to watch that as well.
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